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LOAN DETAILS |
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Advantages of the Grad PLUS Loan:
- Borrow up to the full cost of your education less financial aid.
- Minimal credit criteria - no income or assests required to qualify.
- No payments while in school and during internship/residency.
- Fixed 8.5% interest rate can be reduced as low as 6.5% with borrower benefit.
- Up to 10 years to repay, with extended terms up to 25 years for eligible borrowers.
- No penalty for early repayment.
Get the details on Grad PLUS:
- Fixed 8.5% interest rate.
- Lower your fixed interest rate from 8.5% to 6.5% when you sign up for auto-debit!
- No annual or aggregate loan limits. Grad PLUS Loans can be used to cover the total cost of attendance, including tuition and fees, room and board, books and supplies, living allowance and transportation less other aid received.
- Automatic in-school deferment for students who qualify.
- Up to a 9 month forbearance immediately following in-school period for eligible borrowers who qualify.
Loan Eligibility and Requirements
- Graduate and professional students who are enrolled at least half-time are eligible.
- You will need to fill out the Free Application for Federal Student Aid (FAFSA). You should exhaust your Federal Stafford Loan options prior to applying for the Grad PLUS Loan.
- A credit check is required. If you have adverse credit, you can clean up your credit with our Second Look Program® or secure an endorser for the loan.
- Because the Grad PLUS Loan is unsubsidized, you are responsible for interest that accrues on the loan during all periods.
Fees
- An Origination Fee of 3% of the principal amount borrowed will be deducted from the loan upon disbursement, as mandated by the federal government.
- No Federal Default Fee! The 1% federal default fee will be paid on your behalf by Student Loan Xpress!
Repayment/Deferment
- All Grad PLUS borrowers receive an automatic in-school deferment when they borrow with Student Loan Xpress.
- Up to a 9 month forbearance immediately following in-school period for eligible borrowers who qualify.
- The repayment term is 10 years, but may be extended up to 25 years for eligible borrowers.
- No prepayment penalty.
- Various deferment and forbearance options available. Please contact Student Loan International for more details.
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